Econ 101: June 26, 2012

Welcome to ThinkProgress Economy’s morning link roundup. This is what we’re reading. Have you seen any interesting news? Let us know in the comments section. You can also follow ThinkProgress Economy on Twitter.

  • Under a proposal to be discussed at a European Union summit this week, the EU would gain new powers to rewrite national budgets. [Financial Times]
  • German Chancellor Angela Merkel is stiffening her resistance to euro-area debt sharing. [Bloomberg]
  • Cyprus may need a financial rescue from the EU that totals more than half its whole economy. [CNBC]
  • New home sales in May hit their fastest pace in two years. [The Hill]
  • Facebook has named Sheryl Sandberg to be the first female member of its board of directors. [Bloomberg]
  • In the last ten years, average incomes in China have quadrupled. [CNN Money]
  • The Commodity Futures Trading Commission has proposed a new set of rules to govern large derivatives trades. [New York Times]